Seattle released Rice in a move to save salary cap space in February. Rice was scheduled to make $8.5 million next season under his previous deal with the team. Coming off an ACL tear in October, the team wasn't going to pay that money to Rice for 2014.

Rice received medical clearance to participate in football-related activities on Monday. He was reportedly in New York for a visit with the Jets on Wednesday, but elected to accept a deal from the Seahawks instead.

A deal between Seattle and Rice always seemed to make sense if the price was right. The Seahawks are in a position to know just where Rice is with his recovery from knee surgery. They are also still in need of help at receiver and Rice gives them a proven taller receiving threat that they don't have elsewhere on the roster.